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Before setting up a trust, the co-founders of such corps conduct a thorough regional analysis and select the most attractive parts to work in. For most, it is more usual to choose regions with which they have previously dealt or know the specifics of local regulators. Others are guided by feedback from partners and choose popular locations for registration.
In this case, the opportunity to cooperate with really profitable countries is often missed. For example, not everyone knows that it is quite profitable to create an offshore trust in the Caymans.
Often, many co-founders are scared off by the region’s belonging to British lands. However, these islands have quite separate legislation and are quite capable of making independent decisions. Therefore, the Caymans are a great place to register such legal entities.
The region actively uses modern technology, which allows for fast processing of payments and clients very rarely encounter delays in processing transactions. Also, many well-known banks create their trusts in this region, which positively affects its reputation.
Many people think that opening a trust company in the Caymans is easy and simple. But before undertaking this approach, it is crucial to comprehend the purpose for which such legal entities are created. A trust is a special form of legal entity where the settlor grants the settlor all rights to use and hold the accessions. The trustees must hold the assets for the benefit of third parties and implement a policy of expansion so that the accessions are transferred to the ultimate legatees at the end of a certain term of the agreement.
Most local laws are completely the same as UK laws, but there are certain differences worth mentioning. In particular:
These changes show that the creation of such legal-entities is profitable and interesting for co-founders. Therefore, founders continue to actively open trusts in this region.
When deciding to establish a trust company in Cayman, it is important to keep in mind that there are different types of agreements. Each of them is responsible for specific purposes and it is necessary to understand what a particular legal entity is being set up for. If you understand the types of trust, you can more quickly decide on the most favorable option for the co-founders.
In Cayman, there are the subsequent variations of trusts:
After the co-founder has decided on the type of trust, he can deal with its enrollment.
It is only possible to carry out the registration of a trust in the Caymans if everything is done according to local-law. The beneficiary is obliged to undergo the registration of the enterprise and draw up documents with the trustees. Such documents prescribe the rights and obligations of the co-founder and the settlor. In the Caymans it is possible to conclude oral agreements, but it is better to formalize a written version.
A declaration is signed along with the agreement. Once it is signed, payment of the initial assets is made. Once it is paid, the trustee can begin to fulfill his or her obligations.
After analyzing the procedure, it may seem easy and simple to set up a trust in the Caymans. But in fact, you need a good lawful background, as there are many contracts and declarations involved in such arrangements. Moreover, the local regulator will actively check them.
That is why it is best to consult with our company. Each of our employees is a professional and will be able to advise you in all matters. We are ready to analyze the concluded documents, point out their flaws, and correct all errors until they are on the desk of the regulatory authorities. We will also be able to advise you on the selection of trustees and the preparation of relevant letters.
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